Accra, Ghana – May 13, 2026 – The latest edition of the Old Mutual Financial Wellness Monitor (OMFWM) has revealed that working Ghanaians are gradually recovering from a period of severe financial pressure, with increasing optimism, improved financial discipline, and reduced stress levels driven by a stabilising macroeconomic environment.
However, the report also warns that long-term financial vulnerability remains a major concern due to short-term savings habits, low retirement preparedness, and limited access to professional financial advice.
The survey focuses on urban and peri-urban working Ghanaians between the ages of 20 and 59 earning GH¢1,200 or more. It provides insights into financial attitudes, behaviours, and resilience across both the formal and informal sectors.
Confidence in Ghana’s economy has more than doubled, rising from 22 percent to 48 percent, with seven out of ten working Ghanaians believing the economy will improve over the next year. Positive sentiment also extends to personal finances, as nearly 80 percent of respondents expect their financial situation to improve within the next six months.
Financial stress levels have significantly reduced, dropping from 60 percent to 30 percent, the lowest recorded level in the three years of tracking. According to the report, this improvement is largely linked to better debt management, improved income levels, and growing emergency savings.
Speaking on the findings, Roy Punungwe, CEO of Old Mutual Group Ghana, said working Ghanaians are finally beginning to experience some relief after years of financial hardship.
“After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room,” he stated.
“In a more stable macroeconomic environment, people are becoming more intentional — managing debt prudently, exercising greater control over spending, and actively rebuilding their savings.”
Despite signs of recovery, financial vulnerability remains high. More than a third of respondents, representing 37 percent, reported earning more than they did a year ago. However, 39 percent still fear losing their source of income, while nearly half disclosed they would run out of money within three months if their income stopped.
To reduce financial risk, many Ghanaians are turning to multiple income streams. The report found that more than one in four respondents, representing 27 percent, are engaged in “polyjobbing,” combining formal employment with side businesses, freelancing, or after-hours work. Younger Ghanaians were identified as the group most affected, reflecting concerns about job security and limited employment opportunities.
“What the data shows very clearly is that resilience is being built, but it is fragile,” Punungwe added.
“Income may be improving, yet too many households remain just one shock away from financial distress.”
The report further noted that expense control has become a major priority in 2025, second only to income security. While concerns about debt have eased, with 67 percent of respondents indicating they have less debt than a year ago, more than half admitted to overspending frequently, highlighting ongoing behavioural challenges.
Savings culture is also improving, with respondents allocating an average of 24 percent of household income to savings. Additionally, 80 percent reported having specific savings goals. Nonetheless, most savings remain short-term and informal, with bank accounts, mobile money, and Susu schemes serving as the dominant methods. The report also revealed that more than one in five respondents still keep cash savings outside formal financial channels.
Emergency funds, children’s education, and business continuity emerged as the leading savings priorities, reflecting a stronger focus on immediate financial stability rather than long-term wealth creation.
Although 92 percent of respondents acknowledged the importance of retirement savings, retirement ranked only seventh among savings priorities. Just one in three respondents are actively saving for retirement.
Confidence in making savings and investment decisions has also declined, with only 14 percent feeling very confident, compared to 21 percent recorded last year.
The report attributed this to low risk appetite and limited access to financial advice. Only 13 percent of working Ghanaians currently use a financial adviser, despite evidence showing that those who seek professional guidance tend to be more confident in their financial decisions.
“There is a clear gap between intention and action when it comes to long-term financial planning,” Punungwe said.
“Ghanaians want to secure their future, but short-term pressures, limited trust, and lack of guidance are holding them back.”
The Old Mutual Financial Wellness Monitor concluded that Ghana is gradually transitioning from survival to recovery. However, it stressed that achieving sustainable financial wellness will require stronger engagement with formal financial services, improved financial literacy, and greater trust in the financial system.
“This research reinforces why Old Mutual exists,” Punungwe stated.
“Our role is not just to provide financial products, but to build trust, offer guidance, and help working Ghanaians move from short-term resilience to long-term financial security. The optimism is there — with the right support, it can be transformed into lasting wellbeing.”
About the Old Mutual Financial Wellness Monitor
The Old Mutual Financial Wellness Monitor is an annual study that tracks the financial attitudes, behaviours, and wellbeing of working Ghanaians across both formal and informal sectors, helping to provide a deeper understanding of their journey toward financial wellness.
About Old Mutual Ghana
Old Mutual Ghana is one of Ghana’s leading financial institutions offering innovative life insurance and pension solutions. With over 180 years of experience across the African continent, the company has consistently championed positive financial futures through quality financial services.
Old Mutual established its presence in Ghana in 2013 and operates with strong knowledge of the local market backed by the expertise of an international brand.
In Ghana, the company operates through Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering a wide range of financial solutions including savings plans, group life benefits, funeral plans, travel insurance, and pension schemes.
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